Canara Bank MD and Chief Executive Satyanarayana Raju.
Canara Bank MD and Chief Executive Satyanarayana Raju.

Canara Bank net profit jumps 18% to Rs 3,757 crore

Raju said the bank’s overall business rose 11.31 to Rs 22,72,968 crore, of which advances rose 11.34% to Rs 9,60,602 crore and deposits gained by 11.29% to Rs 13,12,366 crore.

MUMBAI: Public sector lender Canara Bank on Wednesday reported a healthy set of numbers for the fourth quarter of the past fiscal with a record net income for the reporting period as well as for the full-year logging in over 18% year-on-year profit at Rs 3,757 crore for the three months ending March

For the full fiscal year 2023-24, the Bengaluru-based bank booked 37.25% more net profit at Rs 14,554 crore as against Rs 10,604 crore in FY23, its managing director and chief executive Satyanarayana Raju told reporters on a concall.

Raju said, the bank has exceeded almost all its targets set in the beginning of the year be it in terms of net profit, net interest margin or bad loans and recoveries from them or for that matter credit and deposit growth rates.

While the key profitability metric net interest margin rose to 3.05% up by 10 bps, as against the target of 2.75-3%, bad loans declined steeper than planned with the gross NPA ratio falling by 112 bps to 4.23 and the net NPA ratio declining by 46 bps to 1.27.

When it comes to deposit and credit growth both exceeded by a wider margin to 11.3% and 11.34% respectively from 8% and 9% respectively. Following a conservative guidance, Raju said he expect the CD ratio to clip at 9 and 10 respectively this fiscal but expressed confidence to outdo the same in this year too. Raju said the bank’s overall business rose 11.31 to Rs 22,72,968 crore, of which advances rose 11.34% to Rs 9,60,602 crore and depos its gained by 11.29% to Rs 13,12,366 crore.

The bank saw its net interest income growing by 11.18% to `9,580 crore in the quarter.

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